The Legal 500 Hall of Fame highlights individuals who have received constant praise by their clients for continued excellence. The Hall of Fame highlights, to clients, the law firm partners who are at the pinnacle of the profession. In Europe, Middle East and Africa, the criteria for entry is to have been recognised by The Legal 500 as one of the elite leading lawyers for seven consecutive years. These partners are highlighted below and throughout the editorial.
Click here for more details

Next generation lawyers

1

Alexander Schlee - Linklaters

Find out which law firms are representing which Debt capital markets clients in Germany using The Legal 500's new comprehensive database of law firm/client relationships. Instantly search over 925,000 relationships, including over 83,000 Fortune 500, 46,000 FTSE350 and 13,000 DAX 30 relationships globally. Access is free for in-house lawyers, and by subscription for law firms. For more information, contact david.burgess@legal500.com.

Freshfields Bruckhaus Deringer‚Äôs continuously ‚Äėstrong‚Äô and broad practice provides ‚Äėtop advice‚Äô on debt capital markets matters ranging from the establishment of debt issuance programmes and placements through those programmes to hybrid bonds and convertible bonds, including exchangeable bonds. Recently the firm saw several mandates regarding synthetic convertible securities; Rick van Aerssen advised BASF on the structuring and issuance of a synthetic warrant bond and another client was Fresenius in connection with the structuring and issuance of an equity-neutral synthetic convertible bond. The team also assisted the prominent healthcare company with the launch of a ‚ā¨10bn debt issuance programme and the subsequent issuance of bonds at a total volume of ‚ā¨2.6bn through the programme. Continental is another client in this area; recently the firm advised the company on the issuance of a ‚ā¨600m bond that carries no interest and has a maturity date of three years under its debt issuance programme. Another highlight was advising J.P. Morgan as structuring agent and the other syndicate banks on the structuring and documentation of the ‚ā¨500m hybrid bond of Lanxess. The team works in cooperation with the practices in Austria and Switzerland and also collaborates closely with the London office. The renowned Christoph Gleske leads the practice and Mark Strauch advises on US law. The well-known Andreas K√∂nig retired.

Hengeler Mueller‚Äôs debt capital market practice is ‚Äėexcellent overall‚Äô and particularly noted for the ‚Äėgenerally high level of quality‚Äô and ‚Äėgood out-of-the-box thinking‚Äô. The team advises both on stand-alone and programme issuances and saw another increase in hybrid bond matters, such as assisting Lanxess with the issuance of a ‚ā¨500m hybrid bond for the financing of the take-over of Chemtura. With expertise both on the banks‚Äô and issuers‚Äô side, the firm also advised the banking syndicate on the issuance of a ‚ā¨300m bond of TUI and acted for Braas Monier regarding a ‚ā¨435m bond. A highlight was advising NatWest Markets on the transfer of 18 of the bonds issued by RWE at a total nominal value of ‚ā¨10bn to innogy after an approval resolution of the bond holders had taken place in 16 cases, the largest liability management transaction of a company outside of the financial sector in Europe to date. Also noteworthy is the firm‚Äôs advice to agent Deutsche Bank Luxembourg regarding the placement of a ‚ā¨3.6bn-equivalent PIK toggle bond for IHO Holding (a group of holding companies indirectly owned by the Schaeffler family). Hendrik Haag is considered ‚Äėan institution‚Äô in capital markets law. Dirk Bliesener is also recognised as ‚Äėleading‚Äô; Daniela B√∂ning was promoted to partner at the start of 2017.

Linklaters has ‚Äėexcellent legal expertise and industry knowledge‚Äô, is recommended for its ‚Äėappropriate response times‚Äô and continues its ‚Äėstrong‚Äô debt capital markets practice around hybrid bonds, liability management and equity-linked transactions, amongst other matters. The firm expanded its practice in particular on the issuer side, including for Covestro, E.ON, Kl√∂ckner and Vonovia. On the bank side and in connection with Bayer‚Äôs acquisition of Monsanto the team advised the banking syndicate on the issuance of ‚ā¨4bn subordinated mandatory convertible bonds through Bayer Capital Corporation. According to clients, ‚Äėluminary in the area of convertible bonds‚Äô Peter Waltz ‚Äėranks among the five best lawyers in Germany for hybrid financings‚Äô; he has ‚Äėvery good connections to banks‚Äô and ‚Äėcomprehensive experience in the regulatory field‚Äô. Also noteworthy is the firm‚Äôs advice to Berenberg Bank and Deutsche Bank regarding the issuance of a high-yield bond of Hapag-Lloyd with a volume of ‚ā¨250m and the increase of the bond by another ‚ā¨200m for the refinancing of existing debts. The team furthermore handles increasing work for Chinese banks, such as Bank of China, CCB and ABC. Another focus lies on OTC derivatives; Christian Storck is the key figure. Managing associate Alexander Schlee, who is ‚Äėvery pragmatic, very balanced and thoughtful in his wording‚Äô, is also recommended.

Allen & Overy LLP advises issuers and underwriters in connection with a multitude of debt issuance programmes and platforms and has expertise in various products, such as EMTN, commercial papers, Pfandbriefe, hybrid instruments, Schuldschein loans and registered bonds. In 2016 ‚Äėgood‚Äô practice head Christoph Enderstein advised Deutsche Bank on a series of bond issues with varying structures and maturities at a total volume of over ‚ā¨10bn, and assisted TUI with the issue of a bond with a volume of ‚ā¨300m, which had elements of both an investment grade bond and high-yield bond. Marc Plepelits has additional expertise in high-yield transactions, so-called Yankee bonds and complex stand-alone bonds. He advised Schaeffler Verwaltung Zwei on the successfully executed refinancing at the level of IHO Holding, which involved the placement of covered bonds through IHO Holding in euros and US dollars with an equivalent value of ‚ā¨3.6bn with institutional investors.

Clifford Chance is considered an ‚Äėextraordinarily well-positioned international firm for financing matters ‚Äď also and particularly for large companies‚Äô and its ‚Äėvery experienced, well connected and legally outstanding‚Äô debt capital markets practice covers both debt issuance programmes, including EMTN and commercial paper programmes, and stand-alone bonds. Sebastian Maerker is ‚Äėvery competent in the field of capital markets law‚Äô and has a ‚Äėpractical and solution-oriented approach: problem solver, not problem finder‚Äô; he recently advised ENBW on the issue of a hybrid bond at a total nominal value of ‚ā¨1bn. At an international level the also highly recognised George Hacket assisted a banking syndicate consisting of Citigroup, Goldman Sachs, Morgan Stanley, Nomura, UBS and UniCredit Bank as joint lead manager with the debut offering of the Italian UniCredit in the US dollar market. Other highlights included advising Siemens on the issue of a $7.5bn bond according to Rule 144A placed primarily with institutional investors in the US, and Volkswagen on the issue of a bond with a total volume of ‚ā¨8bn. The team also advises football clubs on bond issues.

Latham & Watkins LLP is particularly known for its profound experience with high-yield transactions and the development of high-yield products in the European market and ‚Äėpromptly accommodates clients‚Äô needs and requests‚Äô. In the area of investment grade bonds the firm focuses primarily on Yankee bonds and Pfandbriefe in close collaboration with the teams in London and the US and additional expertise also lies in hybrid bonds, particularly on the issuer side. With over 14 years‚Äô experience the ‚Äėdynamic, intelligent and innovative‚Äô R√ľdiger Malaun is ‚Äėa pro in high-yield bond matters‚Äô and is ‚Äėvery well connected in the banking sector‚Äô; ‚Äėhis solutions are always commercially-oriented‚Äô. Together with Alexander Lentz, who was promoted to partner at the start of 2017, he recently advised DEMIRE on the debut issue of senior notes according to 144A/Reg S at a total volume of ‚ā¨270m. Another highlight was assisting the issuing banks led by Deutsche Bank and Citigroup with the bond placement of IHO Holding at a value of ‚ā¨3.6bn. Marcus Funke acted for the joint bookrunners in the issue of bonds worth over $4bn through BMW, the debut issue of bonds of BMW according to Rule 144A/Regulation S.

‚ÄėPowerhouse in the debt capital markets area‚Äô White & Case LLP for some clients is ‚Äėby far the preferred firm for matters with a cross-border element‚Äô. The ‚Äėbroad and experienced team‚Äô demonstrates ‚Äėan above-average commitment and flexibility‚Äô and ‚Äėabove-average industry knowledge and business sense‚Äô and advises both on debt issuance programmes and stand-alone bonds with additional expertise regarding equity-linked transactions, hybrid products and banking regulation. Another focus lies on high-yield bonds; expert Gernot Wagner and Rebecca Emory, who was promoted to partner in 2017, assisted Hapag-Lloyd with the issue of a high-yield bond with a volume of ‚ā¨250m. Other highlights included advising the arrangers on the launch of the first international debt issuance programme for the issue of Polish mortgage pfandbriefe at a value of ‚ā¨4bn through PKO Bank Hipoteczny; and assisting Evonik Industries with the issue of bonds with a total volume of ‚ā¨1.9bn. ‚ÄėMarket and opinion leader in German debt capital market law‚Äô Jochen Artzinger-Bolten is ‚Äėexperienced and reliable‚Äô and has ‚Äėa remarkably pleasant and authoritative way of working‚Äô. ‚ÄėRising partner in the debt capital markets area‚Äô Karsten W√∂ckener has ‚Äėenormously detailed knowledge‚Äô, ‚Äėshows an impressive level of accuracy, diligence and oversight‚Äô and has an ‚Äėhonest, direct and solution-oriented approach‚Äô.

‚ÄėUncomplicated and flexible‚Äô, Gleiss Lutz ‚Äėprovides the best quality at the fairest price for complex transactional structures‚Äô and, not least due to the ‚Äėgood synergies between its capital markets and its very strong insolvency practice‚Äô, ‚Äėbelongs to the market leaders in the area of bond restructurings‚Äô. As such, the team not only advises on the issues of corporate bonds, including high-yield transactions, and debt issuance programmes, but also on bond restructurings. The ‚Äėvery good and sociable‚Äô Kai Arne Birke is an ‚Äėexcellent and experienced lawyer, who solves problems quickly and pragmatically‚Äô; ‚Äėit is fun to work with him‚Äô, according to clients. He advised Rickmers Group on the restructuring of its entire financial debt, including a bond at a volume of ‚ā¨275m primarily held by private investors, and also acts for DZ Bank in connection with its US commercial paper programme. Other highlights included advising Steinhoff Europe on the adjustment of existing US bonds and Valeant on the issue of covered high-yield bonds at a volume of up to ‚ā¨3.5bn.

Hogan Lovells International LLP advises on bonds, Schuldschein loans, profit-participation certificates, registered bonds and hybrid bonds for a client portfolio comprised in particular of international investment banks and European and German financial institutions. The team continues its strong position with regards to automotive banks, such as General Motors Financial International, but also advises an increasing number of companies, including Repower and Globus. Sina Hekmat, who divides his time between Frankfurt and New York, assisted the managers with the issue of a $1.5bn bond of Landwirtschaftliche Rentenbank and Sven Brandt acts for the arrangers and dealers regarding the update of the ‚ā¨65bn debt issuance programme of FMS Wertmanagement and issues under the programme, including recently for Commerzbank, Deutsche Bank, Goldman Sachs International and Merrill Lynch International concerning the issue of bonds at a value of ‚ā¨1.5bn. Michael Schlitt leads the capital market practice, which in October 2017 was significantly strengthened with the arrival of Jochen Seitz, who also has capital market regulatory expertise, and Peter Maier from Mayer Brown LLP.

Mayer Brown LLP advises on bonds, Pfandbriefe, Schuldschein loans and bond issuance programmes, but also liability management and bond restructurings, often in close collaboration with the practices in London and New York. Recently the firm advised the lead managers Credit Suisse, J.P. Morgan and Morgan Stanley on the issue of 2,875% terminable subordinated reset bonds of Deutsche Pfandbriefbank with a volume of ‚ā¨300m; it also assisted UniCredit Bank with the update of the debt issuance programme of Volkswagen Financial Services and Volkswagen Bank as dealer counsel after the emissions scandal. Patrick Scholl advises The Royal Bank of Scotland on the update of the ‚ā¨35bn EMTN programme of HSH Nordbank and the issues under the programme. With additional expertise in the area of certificates and OTC derivatives, the team also acts for HSH Nordbank in the yearly update of the German debt issuance programme for certificates, structured bonds, bonds based on credit standing and Pfandbriefe. In October 2017 the team saw a substantial loss after Jochen Seitz, who also has regulatory capital market expertise, left for Hogan Lovells International LLP together with Peter Maier.

Sullivan & Cromwell LLP advises on strategic bond issues with expertise in German and US law, particularly equity-linked issues and US issues on the basis of a registration with the SEC or according to Rule 144A. A highlight was assisting Bayer in the connection with the partial financing of the acquisition of Monsanto with a $4bn mandatory convertible bond, which was issued by its subsidiary Bayer Capital Corporation and guaranteed by Bayer. Krystian Czerniecki advised Council of Europe Development Bank on the issue of an SEC registered bond at a volume of $1.5bn and regularly acts for longstanding client KfW regarding its 20 SEC registered debt issues with a total volume of $79bn in the context of its US commercial paper programme. Other clients include FMS Wertmanagement and Landwirtschaftliche Rentenbank.

Ashurst LLP‚Äôs debt capital markets practice surrounding Tobias Krug focuses on advice regarding classic bonds and option and conversion bonds. Clients include in particular loan funds such as Ares, ICG and longstanding client Patrimonium, which the firm advised on 13 secured bonds subscribed by Patrimonium Middle Market Debt Fund in 2016. A highlight was assisting the banking syndicate with the financing of the expansion of the federal motorway A6 through a bond issued by the project company ViA6West; the total project volume amounts to ‚ā¨1.3bn. The team also advised Ares Management and Bremer Kreditbank on the refinancing of the Zarges Tubesca group via a unitranche, which was granted by Ares through a bearer bond, and recently handled the issue of a ‚ā¨130m corporate loan for DIC Asset.

Cleary Gottlieb Steen & Hamilton LLP‚Äôs strength in the debt capital markets area lies in particular in matters requiring both US and German law expertise. Recently the firm advised Deutsche Telekom on the issue of a bond for institutional investors according to Regulation S/Rule 144A via the Dutch finance subsidiary Deutsche Telekom International Finance; Ward Greenberg advised on the US law aspects. The team also assisted the respective syndicate banks with several drawings under Nordic Investment Bank‚Äôs MTN programme at a total volume of $5bn. Gabriele Apfelbacher is also recommended, but Hanno Sperlich left the firm in the summer of 2017.

Besides a focus on equity capital markets Skadden, Arps, Slate, Meagher & Flom LLP‚Äôs team around Stephan Hutter and Katja Kaulamo also advises on debt capital markets matters with particular expertise in cross-border transactions, especially those that require US-law advice. Recently the firm was primarily busy with advising the province of Carinthia, the K√§rntner Landesholding and K√§rntner Ausgleichszahlungs-Fonds in connection with the restructuring of HETA Asset Resolution‚Äôs debts at an amount of ‚ā¨11bn. Furthermore it also assisted longstanding client AGRAVIS Raiffeisen with the issue of profit-participation certificates.

Interview with...

Law firm partners and practice heads explain how their firms are adapting to clients' changing needs

Under certain circumstances, an authorized dealer may be entitled to claim compensation after termination of the contract with the company if the latter continues to be able to use its business contacts.

According to a decision of the Bundessozialgericht, Germany‚Äôs federal court of appeals for social security matters, GmbH managing directors are ordinarily deemed to be employees of the company and hence subject to mandatory social security contributions.

Plagiarism and counterfeit products cause immense economic damage within the European Union. This makes it all the more important for businesses to take consistent measures to protect their trade marks.

The costs associated with transitioning from an Unternehmergesellschaft (UG), a form of German private limited liability company also referred to colloquially as a ‚ÄúMini-GmbH‚ÄĚ, to a full GmbH cannot be passed on to the GmbH. The Oberlandesgericht (OLG) Celle, Celle‚Äôs Higher Regional Court, ruled that the transition in no way represents the establishment of a new company.

It is not necessary for a D&O insurance policy to cover payments made by the insured managing director after the onset of insolvency. That was the verdict of the Oberlandesgericht (OLG) D√ľsseldorf, the Higher Regional Court of D√ľsseldorf.

A managing director may be liable towards the company despite a settlement clause in the termination agreement. That was the verdict of the Oberlandesgericht (OLG) M√ľnchen, the Higher Regional Court of Munich.

Caution is in order if someone is offering discounts on ‚Äúfast alles‚ÄĚ, i.e. ‚Äúalmost everything‚ÄĚ. Advertising featuring a discount promotion that excludes large sections of the product range from the discount is misleading and unfair. That was the verdict of the Oberlandesgericht (OLG) K√∂ln, the Higher Regional Court of Cologne.

Beer cannot be promoted as ‚Äúbek√∂mmlich‚ÄĚ, i.e.¬† ‚Äúwholesome‚ÄĚ or ‚Äúagreeable‚ÄĚ (in terms of its digestibility). That was the verdict of the Bundesgerichtshof (BGH), Germany‚Äôs Federal Supreme Court, in a ruling from 17 May 2018 (Az.: I ZR 252/16). This description was said to be in violation of the Health Claims Regulation.

A company demanding that advances on commission payments be repaid by the commercial agent needs to be able to provide detailed reasoning in support of this action as well as present a complete calculation for the recovery of the sums in question.

Following completion of the business combination between Linde and Praxair under the holding Linde plc, the companies have announced the implementation of a merger-related squeeze-out. Linde AG shall be merged into Linde Intermediate Holding AG, an indirect 100% subsidiary of Linde plc. The merger agreement entered into in that respect provides that a squeeze-out of the minority shareholders of Linde AG against adequate cash compensation shall occur in the context of the merger. The required squeeze-out resolution shall be passed at an extraordinary general meeting of Linde AG on 12 December 2018.

A dentist is allowed to promote his or her homepage with the term ‚ÄúPraxisklinik‚ÄĚ, i.e. ‚Äú(practice) clinic‚ÄĚ, even if they do not admit patients for extended periods of time as inpatients. That was the verdict of the Landgericht (LG) Essen, the Regional Court of Essen.

It is possible for a power of attorney to constitute a valid will. That was the verdict of the Oberlandesgericht (OLG) Hamm, the Higher Regional Court of Hamm, in a ruling from May 11, 2017 (Az.: 10 U 64/16).

In cases where damage or injury has occurred, it is increasingly common for the issue of D&O liability to take centre stage. For this reason, many companies have taken out a D&O insurance policy for their managers.

The commercial agent‚Äôs right to claim compensation in the event of turnover increases with past clients comes up time and time again as a contentious issue. A ruling of the Oberlandesgericht (OLG) Celle, the Higher Regional Court of Celle, has now bolstered the position of commercial agents (Az.: 11 U 88/16).

If a company abuses its market power, this constitutes a violation of antitrust law. In a ruling from January 23, 2018, the Bundesgerichtshof (BGH), Germany‚Äôs Federal Supreme Court, has bolstered the Bundeskartellamt, Germany‚Äôs Federal Cartel Office (Az.: KVR 3/17).